NAMFISA

CHAMPIONING ECONOMIC INTEGRITY AND SECURITY Established to ensure fair and transparent operations within Namibia’s non-bank financial institutions, NAMFISA plays a crucial role in maintaining the financial system’s stability and protecting consumers. CEO, Kenneth Matomola, discusses the significance of the association Writer: Rachel Carr | Project Manager: Joshua Mann

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n Africa’s southwest coast, the Namibia Financial Institutions Supervisory Authority (NAMFISA) oversees the country’s non-bank financial institutions (NBFI) sector, which includes insurance, medical aid funds, friendly societies, pension funds, levies and fees, capital markets, and microlending.

With the goal of ensuring fair and transparent operations, the association regulates 987 financial institutions representing over 71 percent of total financial system

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assets, amounting to over NAD$460 billion despite the economic challenges of 2024.

Led by CEO, Kenneth Matomola, who is passionate about economic development and consumer protection, NAMFISA employs 185 staff focused on regulatory supervision and risk management.

He believes in the transformative power of financial systems and is dedicated to fostering a stable and fair environment for financial institutions to operate ethically and

efficiently, contributing to Namibia’s economic growth.

As the supervisory body, its primary objective is ensuring NBFI operates fairly and transparently, thereby safeguarding consumers and maintaining the financial system’s stability.

Over the years, Matomola has been fortunate to work across various financial disciplines, gaining exposure to risk management, policy formulation, financial regulation, and strategic oversight.

NAMFISA FINANCE

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This journey led him to NAMFISA, where he is honoured to lead a dedicated team.

“My role allows me to combine my expertise in financial oversight with my commitment to strengthening regulatory and supervisory frameworks and fostering financial inclusion,” he impassions.

A CATALYST FOR CHANGE NAMFISA’s mission is to regulate and supervise NBFI and its intermediaries, fostering a stable and fair sector whilst promoting consumer protection and advising the Finance Minister.

Its vision, meanwhile, is to create a safe and equitable financial system for Namibia’s economic development.

“Both our mission and vision have evolved due to changes in the financial landscape, economic conditions, and technology. Key developments include collaborating with the Ministry of Finance; NAMFISA has updated financial laws and adopted risk-based supervision to enhance market stability,” Matomola notes.

“The focus has shifted to risk-based supervision, consumer education, complaint resolution, and fair treatment in lending by financial

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service providers. With the rise of financial technology (FinTech), NAMFISA is using technology-driven supervisory methods and aligning regulations with global standards to enhance financial integrity and comply with anti-money laundering (AML) and counter-terrorist financing (CTF) regulations.”

In light of current financial trends in Namibia and the Southern African Development Community (SADC) region, regulators are adopting a more flexible approach to address technological advancements and emerging risks alongside ensuring consumer protection and economic stability.

This includes updating regulatory frameworks to tackle challenges in digital finance, such as mobile banking and cryptocurrency, whilst managing risks such as cyber threats.

“A key change is NAMFISA’s transition to a risk-based supervision model, which optimises resource allocation and improves stability.

As cyber threats rise, regulators are strengthening cybersecurity and AML frameworks, particularly for underserved populations and small and medium-sized enterprises (SMEs),” informs Matomola.

Harmonising regulations is crucial due to increasing crossborder financial activities in the SADC region, especially under the African Continental Free Trade Area (AfCFTA).

In this way, NAMFISA collaborates with regional and international regulators to align with global standards and promote economic integration.

AN INDUSTRY INSIGHT The non-bank financial sector is entering a transformative stage, presenting both challenges and opportunities.

“The financial industry in Namibia is undergoing dynamic changes, making it one of the most exciting industries to work in,” Matomola highlights.

“As of the latest reports, the sector has demonstrated resilience and growth, with last year’s regulated total assets signifying a steady expansion of financial services and an increasing demand for innovative and consumercentric financial products.”

The FinTech boom and focus on sustainable finance and environmental, social, and governance (ESG) principles have led to evolving regulatory frameworks that promote responsible investments and climate resilience, transforming the financial landscape.

Elsewhere, the upcoming Financial Institutions and Markets Act (FIMA) and the new NAMFISA Act are expected to enhance regulatory clarity, risk-based supervision, and consumer protection, fostering a resilient financial system.

“FIMA and the NAMFISA Act present compliance challenges for institutions. We seek to facilitate this transition through guidance and collaboration,” urges Matomola.

“Namibia’s integration into regional and international markets requires a coordinated regulatory approach, with cooperation from bodies including the International Organization of

NAMFISA FINANCE

institutions must adopt ESG principles to support sustainable finance.”

As financial institutions adopt FinTech, mobile banking, and digital lending, regulatory frameworks must adapt to protect consumers and secure data.

Equally, regulatory technology (RegTech) and supervisory technology (SupTech) solutions are vital for real-time monitoring, risk management, and data collection.

PARTNERSHIPS AND PRIORITIES

“ W E R E M A I N CO M M I T T E D TO A DA P T I N G TO C H A L L E N G E S , D R I V I N G I N N O VAT I O N , A N D E N H A N C I N G CO N S U M E R P R OT E C T I O N TO M E E T N A M I B I A’ S E C O N O M I C N E E D S ” – K E N N E T H M AT O M O L A , C E O , N A M F I S A

Securities Commissions (IOSCO) and the International Association of Insurance Supervisors (IAIS) to ensure financial stability and adherence to global standards.”

Additionally, increased financial literacy and consumer rights are changing interactions with financial institutions, whilst aligning with international standards promotes further investments and trade opportunities.

However, challenges remain, including economic volatility, inflation, rising interest rates affecting disposable income and savings, and a lack access to formal financial services, particularly in rural areas.

“The growth of digital services raises cybersecurity concerns, whilst new regulations can strain resources.

Climate change also presents risks in insurance and agriculture, increasing claims and affecting profitability, so

If NAMFISA is to continue fostering a stable and consumer-focused financial sector, regulatory initiatives and strategic investments to enhance market conduct and consumer protection are key to its mission.

“We prioritise establishing a robust supervisory framework to ensure financial institutions act with integrity and transparency. Implementing the NAMFISA Act, FIMA, Consumer Credit Bill, and Financial Adjudicator Bill is crucial for promoting fair practices,” Matomola expresses earnestly.

As the financial sector evolves, digital transformation will play a vital role in NAMFISA’s strategy as it invests in RegTech and SupTech solutions to improve supervision, automate compliance, and enhance its responsiveness to risks.

“Our partnerships with regional and global regulatory bodies such as IAIS and IOSCO help us align with international standards and bolster financial stability. We remain committed to adapting to challenges, driving innovation, and enhancing consumer protection to meet Namibia’s economic needs,” he outlines.

Partnerships and strategic alliances are crucial for NAMFISA’s regulatory effectiveness, aligning with international best practices, regional financial stability, and local economic initiatives.

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“OUR PRIMARY FOCUS WILL BE ON ENHANCING TECHNOLOGICAL C A PA B I L I T I E S , I M P R O V I N G D ATA M A N A G E M E N T, AND FOSTERING S TA K E H O L D E R E N G AG E M E N T ” – K E N N E T H M AT O M O L A , C E O , NAMFISA

ACTIONS AND APPROACHES TO ECONOMIC DEVELOPMENT NAMFISA is dedicated to strengthening the financial sector and enhancing consumer protection through various strategic initiatives aimed at creating a resilient and transparent financial system in Namibia.

• CONSUMER CREDIT BILL – This landmark legislation seeks to regulate consumer credit, ensure fair lending practices, and protect consumers from exploitative arrangements, promoting responsible borrowing and lending for households and businesses.

• NEW HEAD OFFICE – NAMFISA is constructing a modern head office to centralise operations, improve collaboration, and enhance service delivery, enabling more efficient regulatory oversight.

• DIGITAL TRANSFORMATION – Implementing an enterprise resource

These are structured across four levels – international, African, regional, and local engagements. The former involves collaborating with global regulatory bodies, including the International Organisation of Pension Supervision (IOPS) for pension fund regulation, IAIS for insurance oversight, and IOSCO for market stability and investor protection.

African partnerships involve engaging with organisations such as the Africa Pension Supervisors Association (APSA) and the Organisation of African Insurance Supervisory Authorities (OAISA) to enhance financial sector stability across the continent.

Meanwhile, regional partnerships include participating in the Committee of Insurance, Securities, and Non-Banking Financial Authorities (CISNA) to harmonise regulations in the SADC. Alongside this, NAMFISA has local partnerships with government ministries, the Bank of Namibia, regulated entities, consumers, and the media to ensure regulatory compliance, consumer protection, and financial literacy.

These collaborations enhance regulatory capacity, promote financial inclusion, and support sustainable economic growth in Namibia.

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planning (ERP) system aims to streamline operations, enhance regulatory reporting, and improve decision-making, ensuring accurate data management, process automation, and better financial oversight.

• NAMFISA ACT AND FIMA – These new regulations modernise financial sector oversight by providing a comprehensive governance, risk management, and consumer protection framework, aligning with global best practices.

Collectively, these initiatives underscore NAMFISA’s commitment to regulatory excellence and consumer protection in Namibia’s evolving financial landscape.

ADVANCEMENT, ENHANCEMENT, AND IMPROVEMENT As FinTech transforms NAMFISA’s operations and the regulatory landscape and promotes a more efficient, transparent, and inclusive financial system, it necessitates a

responsive regulatory framework that balances innovation with consumer protection and economic stability.

The NAMFISA Regulatory Sandbox has therefore been established to test innovative financial solutions under regulatory supervision.

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Time.

The most valuable currency of all.

This initiative allows non-bank financial service providers to trial their products and services in a controlled environment, fostering innovation and financial inclusion whilst ensuring

consumer protection and regulatory oversight.

“As we look to the 2025/26 financial year, NAMFISA is dedicated to key strategic priorities that support

EMPOWERING EMPLOYEES At NAMFISA, the most significant investment is in its people, who drive regulatory excellence, financial stability, and consumer protection in Namibia’s financial sector. Therefore, maintaining a skilled and diverse workforce is a top priority.

• GENDER DIVERSITY – As an equal opportunities employer, with 58 percent female and 42 percent male employees, NAMFISA demonstrates its commitment to diversity.

• PERFORMANCE MANAGEMENT AND LEADERSHIP DEVELOPMENT – NAMFISA enhances performance through an effective management system, conducting leadership surveys to promote accountability, integrity, and continuous improvement.

• LEARNING AND DEVELOPMENT INITIATIVES – Employee development is prioritised by NAMFISA through ongoing training programmes to ensure its workforce is skilled and adaptable to regulatory changes, enhancing oversight and responsiveness to market challenges.

Investing in people promotes innovation, operational efficiency, and improved service delivery, benefitting stakeholders and the financial sector.

A diverse and inclusive team helps it to understand and regulate the evolving economic landscape, ensuring fairness and adaptability in oversight.

Investing in human capital is central to NAMFISA’s success. By fostering talent and continuous learning, it remains a progressive, high-performing regulator dedicated to safeguarding Namibia’s financial system.

a stable, consumer-protected non-banking financial sector. Our primary focus will be on enhancing technological capabilities, improving data management, and fostering stakeholder engagement,” specifies Matomola.

“A significant priority is adopting digital transformation to boost operational efficiency, including automation of regulatory processes for better data integration and faster turnaround times. We will also explore new revenue sources to enhance financial sustainability whilst ensuring institutions operate within a stable framework.”

NAMFISA’s regulatory initiatives will concentrate on consumer protection and market conduct by implementing FIMA and the Consumer Credit and Financial Adjudicator Bills, promoting fair financial services for both consumers and industry players.

“We also aim to improve transparency and stakeholder engagement with proactive communication and regular industry interactions. Finally, we will strengthen system stability by monitoring potential risks and conducting measures such as the national Crisis Simulation Exercise 2025 to prepare for future uncertainties,” Matomola concludes.

Overall, NAMFISA’s 2025/26 business plan is designed to enhance efficiency, regulatory oversight, and financial sector resilience, positioning Namibia’s non-bank financial sector for sustainable growth.

Tel: +264 (61) 290 5000 info@namfisa.com.na

www.namfisa.com.na

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Deeply entrenched in Namibian hearts and minds.

At Sanlam we have a firmly rooted commitment to the people of Namibia. You can have confidence in us knowing that we are your reliable partner through the journey of life.

We celebrate with you, and also share your sad moments.

We are your cheerleader, and also your shoulder to cry on.

Whether you are starting a family, starting school, starting a new business venture, when you retire, or when you lose a loved one, we help you face all these moments with financial confidence.

Tel: +264 (61) 290 5000 info@namfisa.com.na

www.namfisa.com.na

PRODUCED BY AFRICA OUTLOOK MAGAZINE